Bitcoin price remains steady above the $60,000 zone. BTC is now consolidating gains, and the bulls could aim for a move above the $62,000 resistance zone.
- Bitcoin started a consolidation phase above the $60,000 zone.
- The price is trading above $59,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $59,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might attempt a fresh increase if it clears the $61,500 resistance zone.
Bitcoin Price Holds Gains
Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and started a steady increase above the $60,000 resistance zone. The price climbed above the $60,200 and $60,500 resistance levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low. The current price action is positive and seems like the bulls could aim for more gains above the $60,800 resistance zone.
Bitcoin is now trading above $60,200 and the 100 hourly Simple moving average. The price is now consolidating near the 50% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low.
On the upside, the price could face resistance near the $60,800 level. The first key resistance is near the $61,800 level. A clear move above the $61,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,000.
A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $61,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,200 level.
The first major support is $59,800. The next support is now near the $58,500 zone. Any more losses might send the price toward the $58,000 support zone or even $57,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,200, followed by $59,800.
Major Resistance Levels – $60,800, and $61,800.
